RUPERT LOWE wants to sell teenage star Theo Walcott rather than lose up to £15million if he walks away from Southampton.

Saints chairman Lowe believes Chelsea will pay £8.5m rising to £15m for the 16-year-old who scored again yesterday in the 4-3 FA Cup win over MK Dons.

Walcott has emerged as the brightest hope since Wayne Rooney, and Lowe wants the deal done IMMEDIATELY rather than run the risk of the lad quitting Southampton for a mere £1m.

That's the level of compensation Saints could expect if the England Under-17 striker refuses to sign a pro contract on his 17th birthday in March. As a scholar, he can walk away from St Mary's Stadium at any time and be subject only to a * compensation claim.

Wayne Routledge was the last young high-profile player to have his fee settled by a tribunal, with Spurs having to pay Crystal Palace £1.2m rising to £2m on appearances. But Routledge had played two full seasons at Selhurst Park and was also an Under-21 international.

Walcott has made only 21 appearances for Southampton and although he is regarded as a future full international, a tribunal is likely to set a £1m fee.

Lowe would much rather cash in now and sell Walcott to Chelsea even though Stamford Bridge is far from the teenager's first choice. A Saints insider said: "Things are getting messy The club know Theo holds all the aces because, he hasn't signed a professional contract and want to get the money in now.

"They realise Chelsea can blow anybody out of the water financially but there's a feeling Theo might be better off at somewhere like Arsenal, Spurs or Liverpool where he has more chance of first team action."

Walcott's family are grateful for the chance he has been given at Southampton where he became the club's youngest player and scorer - and they would like to see Saints: pick up fa realistic fee. But V they will not be forced into Chelsea's clutches just because Lowe thinks he can pick up the biggest fee from Blues owner Roman Abramovich.

A solution could be a deal with Arsenal which sees

Walcott switch to Highbury for around £5m rising to £10m on appearances with the player loaned back to Saints until the end of the season.